Janata Bank again broke the rules and gave loan to Beximco Group
September 23, 20242 Mins Read
Jumbangla Desk: Despite being involved in various irregularities during the previous Hasina government, Janata Bank has once again given a loan of Tk 55 crore to the debtor Beximco Group. Originally Janata Bank gave loan to the institution with the consent of Bangladesh Bank.

Beximco

The Beximco group applied for a loan of 69.5 million rupees from Janata Bank to keep the factory running and pay the salaries of the workers. At the same time, letters were sent to the Ministry of Industry and Bangladesh Bank regarding loan assistance.

In the letter sent to the Governor of Bangladesh Bank, it is said that the workers need loan assistance of Tk 69.05 crore to pay the salaries and allowances for August. Already, application has been made to Janata Bank for loan as per BRPD notification on September 1. But the bank did not disburse the funds. As a result, there has been concern about the workers. In such circumstances, Bangladesh Bank has been urged to release funds to Janata Bank quickly.

In such a situation, Bangladesh Bank Governor Ahsan H. Manusar, MD of Janata Bank. Abdul Jabbar met with a representative of Beximco Group. In the meeting, the governor ordered the Janata Bank to waive off the loan for the payment of workers' salaries considering the overall situation of the country. In view of his instructions, Bangladesh Bank has written to the MD of Janata Bank to settle the loan application of Beximco Limited quickly. In view of this, Janata Bank has already waived a loan of 55 crores in favor of the group.

MD of Janata Bank in this regard. Abdul Jabbar said, 'rules are made for the institution. Following the current political change, if the rules are obeyed, anarchy will be created. Because 30-40 thousand workers work in Beximco. Failure to pay their salaries will lead to unrest in the garment sector. Therefore, after analyzing the context of the country, Bangladesh Bank approved the loan.

Bangladesh Bank Executive Director and Spokesperson Husnay Ara Shikha said, Bangladesh Bank has given no objection to an application of Janata Bank for payment of outstanding salaries and allowances in the garment industry sector. However, experts opined that no objection should be raised in cases that violate the Bank Companies Act.

According to data from Janata Bank, the total loan taken by Beximco Group from Janata Bank at the end of June stood at Tk 25,000 crore, which is about 950 percent of the bank's paid-up capital. As per rules, banks cannot lend more than 25 percent of their paid-up capital to a single borrower. At the end of June, Janata's paid-up capital stood at Tk 2,314 crore. However, the documents show that 72 percent of Beximco's loans from the public have defaulted.